Stan Lee Drops $1 Billion Lawsuit Against POW! Entertainment

Lee has dropped the lawsuit two months after it was filed.

Stan Lee has dropped his $1 billion lawsuit against POW! Entertainment, a company he co-founded.

Per THR, Lee released an official statement announcing the lawsuit has now been dropped. Lee was suing POW! on the grounds that the company and two of its officers stole his name and likeness to sell POW! to a Chinese company, saying the terms were never disclosed to him.

Lee also accused POW! CEO Shane Duffy and co-founder Gill Champion of fraudulently obtaining a document in which Lee gave over exclusive rights to his likeness and identity to the company.

“The whole thing has been confusing to everyone, including myself and the fans, but I am now happy to be surrounded by those who want the best for me," Lee said in a statement.

"I am thrilled to put the lawsuit behind me, get back to business with my friends and colleagues at POW! and launch the next wave of amazing characters and stories!”